Global law firm Clifford Chance has successfully advised leading automotive manufacturer Volkswagen Group in its recent high-volume bond issuance in the U.S. market.
In the Rule 144A U.S. offering, Volkswagen Group raised a total of US$2 billion structured through three tranches issued by Volkswagen Group of America Finance, LLC. The banking syndicate for this transaction comprised Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc. and Standard Chartered Bank AG. All bonds are guaranteed by Volkswagen AG, and have a rating of Baa1 by Moody’s, BBB+ by S&P and A- by Fitch.
Clifford Chance regularly advises Volkswagen on the issuance of high-volume bonds in the U.S., most recently in March 2025.
The cross-border Clifford Chance team, consisting of lawyers in Frankfurt, London, and New York, comprised partner George Hacket, counsel Andrei Manea and senior associate Gordana Golubic-Huertas on U.S. Capital Markets matters as well as partner Cristina Freudenberger and transaction lawyer Felicitas Fischer on German law matters (all Capital Markets, Frankfurt), partner Kate Vyvyan and senior associate Sophie Wilkinson (both Capital Markets, London), partner Olaf Mertgen and counsel Steffen Waadt (both Tax, Frankfurt) as well as partner Avrohom Gelber (Tax, New York).
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